What is a Fiduciary?
A fiduciary may be an administrator, executor, trustee, conservator, guardian, personal representative, custodian, receiver, or other person with control over an estate or another person’s assets. Many times, a fiduciary is required by state statute or a court to obtain a fiduciary bond (also known as a probate bond). In other words, in those circumstances, one cannot serve as an administrator, executor, trustee, conservator, guardian, personal representative, custodian, or receiver without a bond. The amount of a fiduciary bond is typically set by statute or a court. A fiduciary bond serves to protect minors, incompetents, beneficiaries, heirs or creditors from a fiduciary’s failure to perform its duties. In most circumstances, the fiduciary bond binds the surety to pay to the court a certain amount in the event the fiduciary breaches his/her duties.
Colonial will allow you the ability to issue your bonds online instantly, from your home or office. Until we can ensure you can purchase your bonds with ease, please contact our Bonding Department for assistance at 800-221-3662.